vs
六旗（FUN）与特诺控股（TROX）财务数据对比。点击上方公司名可切换其他公司
特诺控股的季度营收约是六旗的1.1倍（$730.0M vs $650.1M），六旗净利率更高（-14.2% vs -24.1%，领先9.9%），特诺控股自由现金流更多（$53.0M vs $-109.3M）
六旗娱乐是总部位于美国北卡罗来纳州夏洛特的游乐园运营企业，由雪松会与原六旗公司于2024年7月1日对等合并而成，是全球最大的区域性游乐园运营商。旗下共运营42个场地，包含27座游乐园、15座水上乐园，配套9处 onsite 度假物业。
特诺控股是一家业务遍及全球的美国化工企业，专注于钛制品领域，现有员工约6500名。在收购南非埃萨罗资源原有的矿砂业务后，特诺已成为全球规模最大的全产业链二氧化钛颜料供应商。二氧化钛颜料主要为涂料、塑料、纸张等产品增白增亮，特诺还拥有钛矿砂开采及加工业务。
FUN vs TROX — 直观对比
营收规模更大
TROX
是对方的1.1倍
$650.1M
净利率更高
FUN
高出9.9%
-24.1%
自由现金流更多
TROX
多$162.3M
$-109.3M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $730.0M |
| 净利润 | $-92.4M | $-176.0M |
| 毛利率 | 91.4% | 5.3% |
| 营业利润率 | -3.8% | -15.6% |
| 净利率 | -14.2% | -24.1% |
| 营收同比 | — | 8.0% |
| 净利润同比 | — | -486.7% |
| 每股收益（稀释后） | $-0.93 | $-1.11 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收FUNTROX
| Q4 25 | $650.1M | $730.0M | ||
| Q3 25 | $1.3B | $699.0M | ||
| Q2 25 | $930.4M | $731.0M | ||
| Q1 25 | $202.1M | $738.0M | ||
| Q4 24 | — | $676.0M | ||
| Q3 24 | $1.3B | $804.0M | ||
| Q2 24 | $571.6M | $820.0M | ||
| Q1 24 | — | $774.0M |
净利润FUNTROX
| Q4 25 | $-92.4M | $-176.0M | ||
| Q3 25 | $-1.2B | $-99.0M | ||
| Q2 25 | $-99.6M | $-84.0M | ||
| Q1 25 | $-219.7M | $-111.0M | ||
| Q4 24 | — | $-30.0M | ||
| Q3 24 | $111.0M | $-25.0M | ||
| Q2 24 | $55.6M | $16.0M | ||
| Q1 24 | — | $-9.0M |
毛利率FUNTROX
| Q4 25 | 91.4% | 5.3% | ||
| Q3 25 | 91.6% | 7.4% | ||
| Q2 25 | 91.3% | 10.8% | ||
| Q1 25 | 89.3% | 13.4% | ||
| Q4 24 | — | 17.3% | ||
| Q3 24 | 91.9% | 15.9% | ||
| Q2 24 | 90.7% | 18.3% | ||
| Q1 24 | — | 15.5% |
营业利润率FUNTROX
| Q4 25 | -3.8% | -15.6% | ||
| Q3 25 | -83.7% | -6.2% | ||
| Q2 25 | 8.0% | -4.8% | ||
| Q1 25 | -158.9% | -8.3% | ||
| Q4 24 | — | 7.1% | ||
| Q3 24 | 19.5% | 6.7% | ||
| Q2 24 | 21.6% | 9.3% | ||
| Q1 24 | — | 5.3% |
净利率FUNTROX
| Q4 25 | -14.2% | -24.1% | ||
| Q3 25 | -90.1% | -14.2% | ||
| Q2 25 | -10.7% | -11.5% | ||
| Q1 25 | -108.7% | -15.0% | ||
| Q4 24 | — | -4.4% | ||
| Q3 24 | 8.2% | -3.1% | ||
| Q2 24 | 9.7% | 2.0% | ||
| Q1 24 | — | -1.2% |
每股收益（稀释后）FUNTROX
| Q4 25 | $-0.93 | $-1.11 | ||
| Q3 25 | $-11.77 | $-0.63 | ||
| Q2 25 | $-0.99 | $-0.53 | ||
| Q1 25 | $-2.20 | $-0.70 | ||
| Q4 24 | — | $-0.19 | ||
| Q3 24 | $1.10 | $-0.16 | ||
| Q2 24 | — | $0.10 | ||
| Q1 24 | — | $-0.06 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $91.1M | $199.0M |
| 总债务越低越好 | $5.2B | $3.1B |
| 股东权益账面价值 | $549.8M | $1.4B |
| 总资产 | $7.8B | $6.2B |
| 负债/权益比越低杠杆越低 | 9.40× | 2.21× |
8季度趋势，按日历期对齐
现金及短期投资FUNTROX
| Q4 25 | $91.1M | $199.0M | ||
| Q3 25 | $70.7M | $185.0M | ||
| Q2 25 | $107.4M | $132.0M | ||
| Q1 25 | $61.5M | $138.0M | ||
| Q4 24 | — | $151.0M | ||
| Q3 24 | $89.7M | $167.0M | ||
| Q2 24 | $52.9M | $201.0M | ||
| Q1 24 | — | $152.0M |
总债务FUNTROX
| Q4 25 | $5.2B | $3.1B | ||
| Q3 25 | $5.0B | $3.1B | ||
| Q2 25 | $5.3B | $2.7B | ||
| Q1 25 | $5.0B | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | $4.6B | $2.8B | ||
| Q2 24 | $2.3B | $2.8B | ||
| Q1 24 | — | $2.8B |
股东权益FUNTROX
| Q4 25 | $549.8M | $1.4B | ||
| Q3 25 | $614.3M | $1.6B | ||
| Q2 25 | $1.8B | $1.6B | ||
| Q1 25 | $1.8B | $1.7B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $2.3B | $1.9B | ||
| Q2 24 | — | $1.9B | ||
| Q1 24 | — | $1.9B |
总资产FUNTROX
| Q4 25 | $7.8B | $6.2B | ||
| Q3 25 | $7.9B | $6.3B | ||
| Q2 25 | $9.5B | $6.2B | ||
| Q1 25 | $9.2B | $6.1B | ||
| Q4 24 | — | $6.0B | ||
| Q3 24 | $9.4B | $6.2B | ||
| Q2 24 | $2.3B | $6.1B | ||
| Q1 24 | — | $6.0B |
负债/权益比FUNTROX
| Q4 25 | 9.40× | 2.21× | ||
| Q3 25 | 8.16× | 2.01× | ||
| Q2 25 | 2.97× | 1.67× | ||
| Q1 25 | 2.75× | 1.64× | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | 1.95× | 1.45× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 1.48× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-37.7M | $121.0M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | $53.0M |
| 自由现金流率自由现金流/营收 | -16.8% | 7.3% |
| 资本支出强度资本支出/营收 | 11.0% | 9.3% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-152.2M | $-281.0M |
8季度趋势，按日历期对齐
经营现金流FUNTROX
| Q4 25 | $-37.7M | $121.0M | ||
| Q3 25 | $356.2M | $-57.0M | ||
| Q2 25 | $187.0M | $28.0M | ||
| Q1 25 | $-178.0M | $-32.0M | ||
| Q4 24 | — | $82.0M | ||
| Q3 24 | $337.4M | $87.0M | ||
| Q2 24 | — | $160.0M | ||
| Q1 24 | — | $-29.0M |
自由现金流FUNTROX
| Q4 25 | $-109.3M | $53.0M | ||
| Q3 25 | $256.2M | $-137.0M | ||
| Q2 25 | $18.8M | $-55.0M | ||
| Q1 25 | $-318.0M | $-142.0M | ||
| Q4 24 | — | $-35.0M | ||
| Q3 24 | $227.7M | $-14.0M | ||
| Q2 24 | — | $84.0M | ||
| Q1 24 | — | $-105.0M |
自由现金流率FUNTROX
| Q4 25 | -16.8% | 7.3% | ||
| Q3 25 | 19.4% | -19.6% | ||
| Q2 25 | 2.0% | -7.5% | ||
| Q1 25 | -157.4% | -19.2% | ||
| Q4 24 | — | -5.2% | ||
| Q3 24 | 16.9% | -1.7% | ||
| Q2 24 | — | 10.2% | ||
| Q1 24 | — | -13.6% |
资本支出强度FUNTROX
| Q4 25 | 11.0% | 9.3% | ||
| Q3 25 | 7.6% | 11.4% | ||
| Q2 25 | 18.1% | 11.4% | ||
| Q1 25 | 69.3% | 14.9% | ||
| Q4 24 | — | 17.3% | ||
| Q3 24 | 8.1% | 12.6% | ||
| Q2 24 | — | 9.3% | ||
| Q1 24 | — | 9.8% |
现金转化率FUNTROX
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.04× | — | ||
| Q2 24 | — | 10.00× | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
FUN
| Admission | $327.4M | 50% |
| Food Merchandiseand Gaming | $205.7M | 32% |
| Accommodations Extra Charge Products And Other | $117.0M | 18% |
TROX
| Ti O2 | $577.0M | 79% |
| Zircon | $78.0M | 11% |
| Idle Facility And Lower Of Cost Or Net Realizable Value Charges | $42.0M | 6% |
| Other | $20.0M | 3% |
| MGT | $13.0M | 2% |
